Straits Times, Tuesday, July 16, 2019
In a recent findings released by OCBC’s Financial Wellness Index, which surveyed 2,000 working adults aged 21 to 65 in Singapore, has found that one in three of them does not invest or find ways to grow their money.
1. Women perceived investment as a form of gambling
2. Only 42% of Singaporean maintain sufficient fund for an emergency and only half would be able to stretch their savings for at least six months.
3. More than 70% of respondents were not on track with their retirement plans.
4. 65% will not have enough funds to maintain their lifestyle after retirement.
5. Most Singaporeans were familiar with saving regularly, getting insurance coverage and sticking to a budget.
6. The sandwich generation – usually those in their 30s and 40s – need to provide for both their elderly parents and young children.
7. 31% of them still had unsecured debts compared with the Singapore average of 27 per cent.
According to Mr Jason Lim, a 39-year-old finance executive, he does not really believe in investing in stocks and shares. In the event of something unexpected happens, he may be short of money. However, he can borrow from friends or from the bank.
Source: Read the full article published in the C2 Straits Times, 16 July 2019